Buyer signs for $30M co-op, topping Manhattan contracts

John Burger from BHS and Ryan Serhant had top deals signed last week

A Combo Co-op Topped Manhattan’s Market Last Week
1016 Fifth Avenue, 24 West 10th Street (Getty, Google Maps)

It’s the new normal: Buyers signed 19 contracts for Manhattan luxury homes last week, three more than the week prior.

The fall of 2021, when 46 Manhattan homes priced at $4 million or more went into contract in a single week, seems like eons ago. Low for-sale inventory and high mortgage rates have reversed the pandemic buying spree.

The most expensive home to go into contract was unit 2ABC at 1016 Fifth Avenue, with an asking price of $29.5 million, according to Olshan Realty’s weekly report.

The co-op had been on and off the market since 2021, when it was listed at $37 million. It’s just the seventh co-op this year to go into contract asking $20 million or more.

The six-bedroom, eight-bathroom apartment comes with a 1,000-bottle wine cellar and two fireplaces. A 64-foot dining room overlooks Fifth Avenue. The sellers bought unit 2AB for $8.9 million in 2009 and 2C for $2.85 million in 2010 and combined them. Amenities at the building include doormen and a fitness center.

Brown Harris Stevens’ John Burger had the listing.

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The second most expensive home to find a buyer last week was 24 West 10th Street, asking $22.5 million (down from $29.5 million in April 2021). The six-story townhouse is 22 feet wide and 9,000 square feet. It has seven bedrooms, six bathrooms and three powder rooms.

It also has an elevator, landscaped garden and roof deck. Annual real estate taxes are $118,000.

Serhant’s Ryan Serhant had the listing.

Of the Manhattan luxury homes to go into contract last week, 13 were condos, three were co-ops and three were townhouses. Their combined asking price was $185.3 million, which averages out to $9.7 million. Their median asking price was $7.5 million. The median time on the market was 585 days, and the typical discount was 10 percent off from the initial listing price.

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